Do you want to know a secret? There is no single best marketing strategy. Each product, service, and marketing campaign is unique and requires a unique approach. While you can glean valuable information from previous strategies, it takes more than pretty graphics to have a successful campaign.
Too many inexperienced marketers start with the graphics or the content first. They make assumptions and spend tens of thousands of dollars trying to get it right. They are shooting in the dark trying to figure out how to improve an online marketing campaign. But the truth is, they need hard data. These marketers need to look at the numbers to determine which parts of the ads aren’t working.
Leveraging Statistics
Not a statistician? That’s okay. You can learn statistics online to help you evaluate your marketing plans and strategies. These statistics are derived from hard numbers that you get when you start to implement your marketing strategy. By evaluating the effectiveness of the campaign, you can start to see patterns unfold. Additionally, looking at statistics from others in the same or similar industry can help you create a starting point for your marketing. While statistics has become an afterthought in marketing, it should be a primary driver of effective marketing strategies.
A/B Testing Strategies
Want to see if your images aren’t appealing to your audience? What if it’s the text? Perhaps I need to change the color. Or maybe I need to change the whole thing. Stop right there. When you’re working on developing effective marketing plans, guessing will only waste money. Educated guesses however can offer numerous benefits. If you want to know if changing a certain element will improve your marketing campaigns, A/B Testing allows you to do this.
Change one element of an online ad and run it at the same time as the original. Maybe you want to change the image first. Then see how the ad does as compared to the original. If it’s better, great, if not, try changing something else from the original. You can use this testing strategy over and over again during a campaign to ensure optimal success.
Change Your Pricing Strategy
Using numbers to your benefit also applies to the way you price items. For some reason, listing something for $9.97 instead of $10.00 can make people feel like they are getting a better deal. Even if the difference is only 3 cents. Additionally, people are more likely to purchase during a buy one get one free sale versus a 1/2 off sale. The psychology behind numbers is fascinating and although they are the same exact sale, buyer habits prove that a BOGO is more effective. Another example of this is the difference between 1/3 pound burger and a quarter pounder. Even though 1/4 pound is smaller than 1/3 pound, people perceive the burgers differently. They are more likely to buy the quarter pounder because they think it’s larger and that they are getting a better deal.
Present Your Pricing Strategically
Now that you know something for $9.99 will sell better than something for $10, here’s how you can further apply numbers to your marketing and sales strategies. Simply presenting your products in the order of smallest to largest price isn’t effective if you want to sell more of a higher priced item. For instance, if you show a $9.99 item before a $24.99 item, the customer is less likely to buy the $24.99 product. If you want to sell more of that item, put something more expensive before you list that item. Showing a $49.99 item before you show the $24.99 product or service will help the lower priced item sell better.
Conclusion
Numbers can help you improve every aspect of your marketing strategies. Start looking at all the ways you can leverage statistics, A/B testing, and various pricing strategies to help you reach your business and sales goals. By implementing a numbers first approach you can take the guesswork out of your marketing plans. You can make strategic shifts that help you get a better ROI. And when the marketing campaign is over, you’ll have a better understanding of your target audience to help you build more effective strategies in the future.
The post Improve Your Marketing Strategy Using Numbers appeared first on Entrepreneurship Life.
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By: Carson Derrow
Title: Improve Your Marketing Strategy Using Numbers
Sourced From: www.entrepreneurshiplife.com/improve-your-marketing-strategy-using-numbers/
Published Date: Tue, 30 Nov 2021 05:15:21 +0000
